Best High-Yield Savings Accounts of December 2024 [Up to 4.75%!]

The best high-yield savings accounts offer competitive interest rates, minimal fees and easy online account management. Public.com and EverBank top our list for this month.

A high-yield savings account is an excellent option for earning interest on savings while maintaining easy access to funds in case of emergencies, often featuring minimal or no fees. However, with the recent 50 basis point cut in interest rates by the Federal Reserve, individuals may need to reconsider their savings strategies. This shift marks a departure from the previous trend of increasing rates intended to curb inflation, as the new decision is aimed at stimulating economic activity through encouraging borrowing and spending. While this could potentially benefit consumers looking to make larger purchases or investments, it may also result in lower interest earnings on high-yield savings accounts, prompting savers to reassess where they keep their funds in order to maximize their financial growth.

Benzinga reviewed some of the best banks and financial institutions to open a high-yield online savings accounts to help you narrow down your options and maximize your savings potential.

Quick Look at the Best High-Yield Savings Accounts:

• Best for Trading Ideas: Public.com — 4.35% APY
• Best Overall High-Yield Savings Account: M1 Finance — 4.25% APY
• Best High-Yield Cash Account: Cove Capital Liquid Income — 3.73% APY
• Best for No Minimum Deposit: EverBank (formerly TIAA Bank) — 4.75% APY
• Best for Travelers Who Need to Save: Bask Bank — 4.65% APY
• Best for Savings and Money Market Accounts: CIT Bank — 4.55% APY
• Best for Saving, Spending & Investing: Fierce — 4.50% APY
• Best for Versatility: Upgrade — 4.41% APY
• Best for No Maintenance or Service Fees: UFB Direct — 4.31% APY
• Best for Saving Uninvested Cash: Robinhood — 4.25% APY
• Best for High Yield Savings: Quontic Bank — 4.00% APY
• Best for Managing Money: Current.com — 4.00% APY

Best High-Yield Savings Accounts

Choose from these top-rated banks and financial institutions with the highest savings interest rates to open a high-yield savings account.

1. Best High Yield Savings Account For Trading Ideas: Public.com

Public.com, a popular investing app, has recently entered the world of high-yield savings accounts. With their new offering of high yield cash account (HYCA), users can now earn competitive interest rates on their savings while enjoying the benefits of easy accessibility and no fees. It offers an annual percentage yield (APY) of 4.35%, allowing for compound interest on savings, with no minimum balance requirements, no fees and unlimited transfers and withdrawals.

Furthermore, Public.com is committed to transparency and security, ensuring that users' funds are protected and easily accessible at all times. The company has partnered with 20 banks to offer FDIC (Federal Deposit Insurance Corporation) insurance coverage up to $5 million, surpassing traditional savings accounts with a $250,000 limit. 

Why We Picked It: Public.com offers one of the highest APY in the market, with zero fees and no minimum balance requirements. Also, the increased insurance coverage of up to $5 million offered by Public.com provides consumers an added layer of security and peace of mind.

2. Best Overall High-Yield Savings Account: M1 Finance

M1 Finance is a financial technology company that offers a unique approach to banking and investing. It stands as an affordable robo-advisory platform catering to self-directed investors. Apart from offering commission-free trading and zero account management charges, it seamlessly integrates financial services including investing, borrowing and banking. With M1 High Yield Savings Accounts, customers can earn 4.25% APY on their savings balance. It also offers other benefits such as no minimum balance requirement, no monthly fees, and unlimited transfers. This flexibility makes it easy for customers to manage their savings without any unnecessary restrictions.

Customers can easily open an account through the M1 Finance app or website. The seamless application process and user-friendly interface make it convenient for individuals to start saving and earning interest right away.

Why We Picked It: With a competitive interest rate, no monthly fees and easy online management, M1 high-yield savings account is a great option for those looking to maximize their savings without sacrificing easy access to funds.

3. Best High-Yield Cash Account: Cove Capital Liquid Income

High-yield savings accounts are popular as they help you gain positive rate of return on your cash, but a high-yield cash account (HYCA) is an even more unique way to save money. With Cove Capital Liquid Income, you can set up an HYCA that offers a higher interest rate, FDIC insurance protection and a way to unlock your money’s potential.

There’s total liquidity on your account and an annual percentage yield well over the national average. Backed by insurance investments, the Cove Capital Liquid Income account is designed to ensure higher interest payouts and keep those rates competitive. CCLI is perfect for those who are highly risk-averse and require instant access to their funds.

Yes, you must make a minimum initial deposit of $100,000, but you can get faster and higher returns with more security all in the same place. You can earn an APY of 3.73% on your first $1 million in deposits.

Why We Picked It: Cove Capital Liquid Income is backed by real estate, which helps it remain stable even in times of economic uncertainty. Plus, it offers investors the opportunity to invest in a diversified portfolio of real estate assets, including residential, commercial and industrial properties, as well as real estate-related debt instruments.

4. Best High Yield Savings Account For No Minimum Deposit: EverBank (formerly TIAA Bank)

EverBank, previously known as TIAA Bank, offers an attractive Performance Savings account that stands out in today’s low interest rate environment by providing an impressive annual percentage yield (APY) of 4.75% on all balances. This high yield presents a unique opportunity for savers looking to grow their savings. Additionally, the account comes with no monthly maintenance fees, ensuring that your earnings are not diminished by hidden costs. Accessibility is another key feature, as you can open a savings account with $0, making it suitable for everyone, regardless of their savings capacity. Furthermore, all deposits are automatically insured by the Federal Deposit Insurance Corporation (FDIC), providing peace of mind as you build your savings.

Why We Picked It: EverBank provides an opportunity for all individuals to benefit from its attractive high APY and zero-fee framework, with no minimum deposit necessary.

5. Best High Yield Savings Account For Travelers: Bask Bank

Bask Bank is a unique platform that allows you to both save money and earn American Airlines AAdvantage miles at the same time. This mixture can be quite helpful for frequent travelers or anyone who is planning for that one big adventure. 

Bask Bank Interest Savings Account offers competitive savings rate at 4.65% APY, which is several times higher than the average for accounts across the United States. In addition, there is no minimum balance requirement and you will never pay any account fees. Plus, there are promotions that come up from time to time that allow you to save even more money and cut back on overhead costs.

Why We Picked It: Bask Bank allows users to earn airline miles simply by saving money with its Interest Savings Account. This means that just by keeping your money in the account, you can passively accumulate miles that can be used for future flights, upgrades, or even hotel stays. It's a win-win situation – you're saving money while also earning valuable miles towards your next adventure.

6. Best High Yield Savings Account With Money Market Accounts: CIT Bank

CIT Bank is well known for having one of the highest APYs on the market, but the platform also offers business and commercial accounts, meaning that you have more options if this is your preferred place to open a bank account.

CIT Bank Platinum Savings helps you get a 4.55% APY on account balances of $5,000 or more. If your balance is below $5,000, a 0.25% APY applies. There are also money market and savings builder accounts with competitive interest rates. If you only have $100 to deposit, you can start there. Plus, there is no account opening or maintenance fees.

CIT Bank is also unique in that it helps you obtain a mortgage, learn about your money or even invest in Certificate of Deposit (CD).

Why We Picked It: CIT Bank provides a range of options for savers looking to maximize their earnings on their savings products. With competitive APYs and a variety of account types to choose from, you can find the right option to meet your financial goals.

7. Best High Yield Savings Account For Spending & Investing: Fierce

Opening a high-yield checking account with Fierce allows you to earn 4.50% APY, one of the highest APYs in the market. It also comes with a free debit card which allows you to access your funds easily, make purchases online or in-store, and even withdraw cash from over 55,000 ATMs. Plus, you can enjoy no fees, no minimums, no limits and up to $250,000 insurance coverage by the Federal Deposit Insurance Coverage (FDIC).

Why We Picked It: Fierce offers one of the highest APYs in the market. Also, its mobile app allows you to use your savings account funds seamlessly in any way you like, including for investments, without having to move funds to a separate account.

8. Best High Yield Savings Account For Versatility: Upgrade

Upgrade is one of the easier platforms to use because it goes beyond a savings account. Yes, you can earn a considerable annual percentage yield on your savings, but you can also take out Upgrade personal loans, open a checking account and open up credit card accounts as needed.

Upgrade Premier Savings lets you earn 4.41% APY on balances of $1,000 or more. Plus, you don't have to worry about monthly or annual account fees. Upgrade also offers mobile and online banking options, making it easy to manage your savings account from anywhere. You can track your savings progress, set up automatic transfers, and even deposit checks using your smartphone. Your funds are protected up to $1 million by the Federal Deposit Insurance Corporation (FDIC) and/or National Credit Union Administration (NCUA) at partner financial institutions.

Why We Picked It: Upgrade offers an easy-to-use and versatile platform which allows you to expand your personal financial portfolio. With competitive interest rates, no fees and convenient banking options, it's a smart choice for anyone looking to grow their money faster.

9. Best High Yield Savings Account For No Maintenance or Service Fees: UFB Direct

UFB Direct is actually a division of Axos Bank that helps savers earn an unusually high annual percentage yield and a solid mobile app that makes it easy for you to review your accounts at any time.

With no maintenance or service fees and no minimum deposit requirement, you can earn up to 4.57% APY. Plus, you will get a complimentary ATM card that you can use with no fees because UFB Direct pays back all your fees. UFB Direct also offers digital tools for a seamless remote banking experience, which includes online banking, SMS banking and mobile deposit.

Why We Picked It: We love UFB Direct because of its competitive APY and transparent and minimal fees. With no monthly maintenance fees, no minimum deposit requirements and no fees for online transfers, UFB Direct makes it easy to save without worrying about unexpected charges eating into your savings.

10. Best High Yield Savings Account For Uninvested Cash: Robinhood

You may already be aware of Robinhood as the platform allows you to invest in a massive range of assets, but did you know that this site also offers a competitive 4.25% APY on uninvested cash? With Robinhood Gold, you can earn more while you’re not investing, grow your savings and leave all your investment funds in one place with confidence. The increased coverage of up to $2.5 million at partner banks adds a layer of security and confidence.

You can also get the Robinhood Gold Card with your Gold membership. This allows you to earn 3% cash back on your purchases.

Why We Picked It: We love Robinhood because it allows users to save cash and earn a competitive APY when they’re not spending that cash on investments. Also, the platform allows users to bring all their finances under one umbrella.

11. Best for High Yield Savings: Quontic Bank

Quontic Bank is one of the newer banks on the market that allows you to invest in CDs, save money and set up a checking account. Their high-yield savings account lets you earn an annual percentage yield of 4.00% on your balances. You can get started with a low minimum opening deposit of $100 and earn quote a lot every year when the account starts to pay you back. You can also enjoy no monthly fees, no overdraft fees and no foreign collection fees.

Billed as an adaptive digital bank, you can spread your wings further with services like mortgages and crypto investments, but there are no brick and mortar branches to visit. So, you should make sure you’re alright with online-only banking.

Why We Picked It: Quontic Bank offers low minimum deposit which helps adults and even kids get started. Its competitive APY will help you compound interest daily and save money that you’ve set aside for other pursuits.

12. Best for Managing Money: Current.com

Current.com has been one of the more prevalent alternative investment and banking apps on the market today. You can use Current.com to save or invest in your own time, even if you’re not an avid investor. Their savings accounts allow you to earn 4.00% APY on your balances.

Plus, the platform helps you save by allowing you to invest in pods that are set aside for certain purposes. There are Basic, Premium and Teen accounts, meaning that parents can teach their kids about money. Even more, they are giving pods that help the family set aside money for their favorite causes.

There’s also an automated savings feature that makes sure you never forget to set aside the cash that’s going to propel you into the future. You can also set up round-ups that help push more and more money into your savings account.

Why We Picked It: We love Current.com because it offers several account options. Their teen accounts are perfect for kids with jobs or parents who want to put money away for their kids.

How to Choose the Best High-Yield Savings Account

When looking for the best high yield savings accounts, consider these factors to find the one that suits your financial goals and needs.

• High annual percentage yield (APY): The APY, or annual percentage yield, offered by top online savings accounts has significantly increased in the past year. Currently, there are accounts with APYs in the 5% range and many more with rates of 4% or higher.
• Tiered and relationship rates: Many high-yield savings accounts offer tiered interest rates based on the balance in the account. The more money you have deposited, the higher the interest rate you may earn. Additionally, some savings accounts offer relationship rates for customers who have other accounts or products with the same financial institution, providing them with additional benefits or higher interest rates.
• Low monthly fees: The monthly fees vary depending on the financial institution. Some have no monthly fees, while others may charge a fee if certain balance requirements are not met. Review the terms and conditions of each account to understand any potential fees associated with it.
• Low transaction fees: Some banks may charge fees for excessive withdrawals or transfers beyond a certain limit, while others may have monthly maintenance fees if certain requirements are not met. Be sure to read the terms and fees prior to opening your savings account.
• Accessibility: You may need to access your saved funds in the case of an emergency or for everyday expenses, but it is harder to save when your funds are easily accessible. Think about your spending and saving habits and pick your account accordingly.
• Customer Service: Live 24/7 support is the gold standard, but some banks also offer a combination of online chat, email and phone supports as well.
• Security: Most financial institutions insure savings accounts through the Federal Deposit Insurance Corporation (FDIC) for $250,000. Others offer FDIC insurance and other forms of protection, such as fingerprint scanning for mobile banking or free security software for your computer.

What You Should Know About High-Yield Savings Accounts

A high-yield savings account is a type of savings account that offers a higher interest rate compared to other types of savings accounts. This means that the account holder can earn more money on their deposits over time. High-yield savings accounts are typically offered by online banks or credit unions, rather than traditional brick-and-mortar banks. It can be a great option for individuals looking to grow their savings with minimal effort. By taking advantage of the higher interest rates and lower fees, account holders can watch their savings grow over time and achieve their financial goals.

Generally, you’re looking for:

• Mobile banking: Some banks offer free mobile banking apps with features such as account access, balance tracking, money transfers, goal setting, financial education and credit score checking. It is recommended to explore the mobile app before opening an online savings account.
• Customer support options: Calling, emailing or instant messaging customer support doesn’t always cut it. Your savings account’s physical location allows for you to receive in-person customer support. Brick-and-mortar banking also allows you to withdraw cash without extra fees and withdraw above the federal regulation of six transfers a month.
• ATMs: Some financial institutions offer ATM cards linked directly to savings accounts, while others allow access to savings through a checking account-linked debit card. Withdraw money at your convenience and watch out for potential ATM fees that some banks may reimburse.

High-Yield Savings Account Pros and Cons

Before you make a decision, it’s important to weigh the pros and cons to determine if this type of account is the right choice for your financial goals.

Here are some pros and cons to consider when it comes to high-yield savings accounts:

Alternatives to High-Yield Savings Accounts

If a high-yield savings account (HYSA) doesn't align with your financial goals, you may want to explore the following alternatives:

High-Yield Savings vs. Traditional Savings Account: The main difference between a high-yield savings account and a traditional savings account is the interest rate that each account offers. High-yield savings accounts generally offer a higher interest rate than traditional savings accounts. However, high-yield savings accounts may also have higher minimum balance requirements or fees compared to traditional savings accounts.

High-Yield Savings Account vs. Certificate of Deposit (CD): High-yield savings accounts typically offer higher interest rates and more flexibility than certificate of deposit account. However, CDs lock in your money for a specific period of time at a fixed interest rate, which can be advantageous if you don't need immediate access to your funds and want a guaranteed return.

High-Yield Savings Account vs. Money Market Account: Money market accounts (MMAs) offer lower interest rates than savings accounts and CDs but provide more accessibility, allowing for check writing and ATM withdrawals. The tradeoff between interest rates and accessibility is common in financial products, with higher access meaning lower interest rates.

High-Yield Savings Account vs. Checking Account: A high-yield savings account typically offers a higher interest rate than a checking account. However, a checking account allows for more flexibility in accessing your funds for daily transactions.

Boost Your Savings with the Best High Yield Savings Accounts

Opening a high-yield savings account is a great way to start saving for your future. By considering your financial goals, choosing an account that meets your needs and comparing interest rates, you can find the right account for you and start saving money today.

Frequently Asked Questions